9th Mar 2015 10:25
LONDON (Alliance News) - Wentworth Resources Ltd on Monday said it has received the results of an independent valuation of the gas reserves in the Mnazi Bay concession in Tanzania.
Wentworth said its proved and probable reserves at the concession have been valued at USD152.9 million after tax, according to an independent evaluation of the prospect carried out by RPS Energy Canada Ltd, a unit of FTSE 250-listed RPS Energy PLC.
The proved reserve totals 89.2 billion standard cubic feet gross of gas, with the proved and probable reserve estimate at 141.5 billion standard cubic feet of gas.
"We are very pleased that we now have reserves associated with our Mnazi Bay concession. This is a further step towards bringing our gas on stream and follows on the heels of the signing of our gas sales agreement (GSA) last year, and the ongoing implementation of the field infrastructure," said Wentworth Managing Director Geoff Bury.
Shares in Wentworth were up 5.0% to 30.97 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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